These declines come amid a broader crypto market selloff, with altcoins in the red
Bitcoin is 2.8 per cent lower over the past 24 hours, dropping from a high of $28,280 to its recent low of $27,058, and settling on $27,368 at one point, as per data from Coingecko.
The last seven days have seen a clear downturn for the original crypto currency, with a high of $29,724 on May 5th, shedding 6 per cent on the week, and erasing $45bln from its market cap. The bitcoin market cap is presently at $530bln.
Ethereum, the market’s second biggest crypto currency has also seen negative price action, with its value declining 3.3 per cent during the past 24 hours, trading at $1,818 at one time.
These declines come amid a broader crypto market selloff, with major as well as minor altcoins in the red. Bigger crypto currencies like Cardano (ADA), Dogecoin (DOGE) and Polygon (MATIC) among others are seeing losses within the 2-5 per cent range.
Litecoin (LTC) and Monero (XMR), though, are among the few that have not seen price declines.
Even though most of losses are below 5 per cent for bitcoin, ether and major altcoins, the last week has seen bigger declines, with a number of the above crypto currencies hitting the double digits.
As per Coingecko, the global crypto currency market cap today is at $1.2trln, which marks a 2.5 per cent decline over the last 24 hours.
The unforeseen decline in prices could be due to a number of reasons. On one hand, after a few days of surging Bitcoin fees, which saw Binance halt withdrawals, fees have come down prompting delayed selling from market participants.
In spite of a brief push higher from Bitcoin and Ethereum after April’s inflation numbers came in lower than anticipated, the news might have also marked a steep sell off from investors.
As for the wider losses in the crypto currency market, most are following Bitcoin, although with bigger price swings because of their smaller market cap.
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